The diagram shows three supply curves.
What can be concluded about the price elasticity of supply of the curves?
1 )
As price rises, the price elasticity of supply of ${S_2}$ will increase.
2 )
At any price, the price elasticity of supply of ${S_1}$ will be less than that of ${S_3}$.
3 )
At any price, the price elasticity of supply of ${S_2}$ will be higher than that of ${S_3}$.
The price elasticity of supply of each curve is constant.
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